Forty-something virgin property buyers face tough time from lenders - Mortgages, Money - The Independent

Forty-something virgin property buyers face tough time from lenders - Mortgages, Money - The Independent

The biggest challenge for most first-time buyers is coming up with the deposit for their new homes.

Lenders' demands are so high that many prospective homeowners are nearing 40 before they have saved up enough money. Unfortunately, the bad news doesn't stop there – although the current market may seem impossibly tough, experts warn that there could be even worse times ahead for late property bloomers.

The average age that people can expect to be able to buy their first homes has reached 38 years and nearly a third of prospective first-time buyers have given up on getting on to the property ladder altogether, according to a study by Moneysupermarket published earlier this month. Buyers in London are even more ...